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of <h1>ICDS I: Key Rules for Income Computation in Business Profits, Disclosure Requirements, and Transitional Provisions Explained</h1> The Income Computation and Disclosure Standard (ICDS) I, effective from Assessment Year 2017-18, governs the computation of income under 'Profits and gains of business or profession' or 'Income from other sources,' excluding book maintenance. In conflicts with the Income-tax Act, 1961, the Act prevails. Key assumptions include Going Concern, Consistency, and Accrual. Accounting policies must reflect a true and fair view, with changes requiring reasonable cause and disclosure. Significant policies and material changes must be disclosed, detailing their impact. Transitional provisions apply to contracts from April 1, 2016, considering prior income, expenses, or losses.
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